| |
| | |
| FAST GROWING REGIONAL BROADBAND AND INTERNET ADVERTISING NETWORK PARTNERS WITH KOREA'S MEDIA GIANT TO FORM NEW JOINT VENTURE IN KOREA
AdSociety Korea to Pioneer Broadband Advertising, Marketing and Sales in Asia's Largest Broadband Market | ||
| HONG KONG - November 10, 2000 - AdSociety, the first pan-Asian broadband advertising marketing and sales network, and LG Advertising, the largest publicly-listed advertising firm in Korea, today announced a new joint venture, AdSociety Korea.
The new company is the first broadband advertising, marketing and sales network in Korea, the world's largest broadband market. Salomon Smith Barney estimates that Korea will achieve a broadband subscriber base of 3.4 million by the end of 2000 - a penetration rate of over 30 percent of all households; and by the end of 2001 the subscriber base will reach 6.2 million. The joint venture, majority owned by AdSociety Limited, is expected to aggressively compete for the booming online advertising revenue of Korea, which is estimated to exceed US$ 150 million this year. In addition to jointly developing innovative broadband and online advertising opportunities in Korea, the partnership also enables LG Advertising's advertisers in Korea to reach AdSociety's fast-growing regional network of online audience. LG Advertising will leverage AdSociety's pioneering sales experience in satellite broadcast television, the Internet and broadband industries. At the same time, AdSociety will gain access to LG Advertising's established clientele to which it will provide its portfolio of products and services. This is the first joint venture for LG Advertising, which has been established for over 39 years, is publicly listed on the Korean Stock Exchange, and has annual billings of over US$650 million. LG Advertising is a company within the LG Group, a diversified conglomerate with annual billings of US$55 billion. The advertising market in Korea is estimated to be US$6 billion this year and LG Advertising has approximately 12 percent of the market share. AdSociety currently provides advertising, marketing and sales services to PCCW's Network of the World (NOW) and other PCCW-related companies as well as provides pioneering broadband and online marketing solutions and services to both advertisers and member websites. AdSociety operates from eight cities across Asia, namely Beijing, Hong Kong, Seoul, Shanghai, Singapore, Sydney, Taiwan and Tokyo. "Broadband has come of age in Korea and is becoming a popular means of accessing and doing business on the Internet across the country," said Mr. In Ho Lee, president of LG Advertising. "The market opportunity for AdSociety Korea, the country's first broadband and online advertising firm is tremendous. Our initiative will certainly encourage and drive greater acceptance and growth of broadband and online advertising in Korea. Given LG Advertising's superior track record of providing excellent advertising services and our knowledge of the local business culture, and AdSociety's network of relationships with partners, advertisers and media owners across the Asian region, we have created an extremely powerful entity to secure the market leadership position in the Korean market." Patrick Jonathan Wong, Founder and CEO for AdSociety, said, "We are extremely excited to be partnering with LG Advertising. This joint venture is probably one of the greatest advances to take place in the new economy media in Korea. It is also the first-ever joint venture for our both companies, demonstrating the amount of trust we have in each other. LG Advertising is the leader in their field and we will leverage each other strengths and experience to facilitate the development and growth of the entire broadband and online advertising industry in Asia's largest broadband market." About AdSociety AdSociety, a majority-owned joint venture of Pacific Century CyberWorks (PCCW), is the first pan-Asian broadband advertising, marketing and sales network. AdSociety currently provides advertising, marketing and sales services to PCCW's Network of the World (NOW) and other PCCW-related companies as well as provides pioneering broadband online marketing solutions and services to both advertisers and member websites. Headquartered in Hong Kong, AdSociety has offices in Beijing, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo. It is aggressively rolling out its global network and plans to further expand its presence in London, Mumbai (India) and New York in 2001. In the meantime, AdSociety will continue to leverage on PCCW's global presence. AdSociety currently employs over 60 media professionals with a proven track record in pioneering advertising sales for broadcast television and the Internet in Asia. It plans to expand the team to more than 100 before the end of 2000. AdSociety's clients include China Trust Commercial Bank, Hong Kong Tourist Association, Hewlett Packard, Hong Kong Banking Corporation, and Microsoft. AdSociety's member websites include, Boom.com, Foodeasy, MSN, Shanghai Online, StockHouse, and ZDNet. AdSociety's strategic partners include LG Advertising, AdForce and Australian Media Holdings. More information on AdSociety can be found in www.adsociety.com. About LG Ad LG Ad is one of the largest and most successful publicly listed advertising agency networks in Korea, with billings of US$650 million. Established in 1962 and publicly traded on the Korean Stock Exchange [KOSPI 35000], LG Ad is part of the LG Group, a diversified conglomerate with annual billings of US$55 billion. LG Ad, renowned for recruiting some of the best experts and industry talents, has more than 500 employees to date across Korea. With unparalleled superiority in creativity and technology, LG Ad maintains The Information Supporting System, the first advertising IS system, that enable the company to seek the best solution for the clients' growing needs. LG ad provides to the clients a "Total Communications Services" solutions, including integrated marketing communications, research, media, sales promotion, and public relations. LG Ad established a joint division affiliated with Asatsu-DK, and holds five offices in Beijing, Dubai, New York, Shanghai, and Tokyo. Highly distinguished as an agency with "a world of difference", LG Ad is the sole agency to have won the most prestigious award, The Grand Prize, in Korean Advertising Agency Awards for three consecutive years. Today, it manages some of the well-recognized global and local brands, such as AMD, Baskin Robbins, Bayer, Dacom, Korean Airlines, LG Electronics, Microsoft, and Nike. One of LG Ad's most recent successes includes the hosting of the much publicized ASEM 2000 meeting of Asian and European governments. For further information, please contact: AdSociety Sandra Low Tel: 852 2509-2228 Email: sandra.low@adsociety.com Nor E. Badron / Amy Ho Ogilvy Public Relations Worldwide Tel: +852-2884-8570 / +852 2884-8546 Email: nor.badron@ogilvy.com / amy.ho@ogilvy.com | ||
| Back to Nov Press Releases Close Window |